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Chapter Six: What are the Exchanges?

Cryptocurrency exchanges are websites where you can exchange one form of cryptocurrency for another. You can send your cryptocurrency to a “hot wallet” on the exchange in order to trade one crypto for another. It is recommended strongly that once you make the trade, you move your new currency into a hardware, computer or mobile wallet. This will ensure that if the exchange gets hacked, your crypto will be safe on your own system.

2FA Authentication

2FA, also known as two-factor authentication, is extremely important in using cryptocurrency exchanges. This essentially connects the device you are using to do a trade to another device you own for withdrawls and transfers. If your device were to be hacked and you have 2FA, say to your mobile device, the hacker would not be able to move any of your money unless they also had access to your phone.

Google Authenticator

Google Authenticator is a great app used for cryptocurrency 2FA. It sends a new 6 digit code to your phone on a timed basis, which then needs to be put in at the exchange. Many exchanges will not require 2FA, but it is seriously encouraged.

Exchanges

Check out https://www.bestbitcoinexchange.io/ for a great resource on what exchanges are available and their reputation. In the past, there have been some exchanges hacked to the tune of millions of dollars in cryptocurrencies. Make sure that you bookmark the exchange you use, because phishing websites will pop up in an effort to steal your private information, in order to steal your cryptocurrencies. For example, if you misspellthe name of the company, it’s possible that the interface would look the exact same to steal your login info.

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The information contained herein should not in any way be considered financial advice. What you do with your money is your business not mine. Also, there are constantly new coins being created and exchanged, so we will continue to be updated as time and crypto permit.